Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 561: The money that commands a higher market value than its face value is called Options:
  A) paper money
  B) standard money
  C) commodity money
  D) fiat money
  Show Answer
  The correct answer is D .
• Question 562:

  A major effect of a long distribution chain is

  Options:
  A) scarcity of commodities
  B) high retail
  C) low retails prices
  D) low producer earnings
  Show Answer
  The correct answer is A .
• Question 563: The concentration of industries in a particular geographical area is Options:
  A) localization of industries
  B) roles of industrialization
  C) location of industry
  D) strategies of industrialization
  Show Answer
  The correct answer is A .
• Question 564: One of the features of a free market economy is that? Options:
  A) resources are directed by the price mechanism
  B) workers do not earn equal wages
  C) the profit motive is serverly constrained
  D) descisions on the economy are taken by bureaucratic structures
  Show Answer
  The correct answer is A .
• Question 565: Population growth can be calculated as ? Options:
  A) Birth rate + death rate + migration rate + immigration rate
  B) Birth rate – death rate + migration rate -immigration rate
  C) Birth rate + death rate – migration rate + immigration rate
  D) Birth rate – death rate – emigration rate + immigration rate
  E) Birth rate – death rate
  Show Answer
  The correct answer is D .
• Question 566:

  In income determination theory, acceleration principles shows that

  Options:
  A) income is the cause, while investment is the effect investment
  B) income and investment are both causes
  C) income and investment are both effects
  D) incomes is of on effect on investment
  E) investment is the causes, while income is the effects
  Show Answer
  The correct answer is A .
• Question 567:

  The expression of cost in terms of alternative forgone is referred to as ____?

  Options:
  A) Scarce resources
  B) Decision making
  C) Opportunity cost
  D) Choice
  Show Answer
  The correct answer is C .
• Question 568:

  If government in a fiscal year has its revenue receipts less than the expenditure, such country is having

  Options:
  A) balanced budget
  B) deficit budget
  C) favorable budget
  D) surplus budget
  E) unfavorable budget
  Show Answer
  The correct answer is B .
• Question 569: An increasing population might be of economic benefit to a country if? Options:
  A) the female population is greater than the male population
  B) the dependency ratio is increasing as the total population increases
  C) a continuosly higher proportion falls into working class category
  D) the rural and urban proportion ae balanced
  Show Answer
  The correct answer is C .
• Question 570:

  $\begin{array}{cc}\text{Population(Million)}& \text{Food Production(Milion tonnes)}\\ 50& 220\\ 70& 210\\ 90& 225\\ 100& 275\end{array}$

  In the data above, what is the optimum population in million?

  Options:
  A) 50
  B) 70
  C) 90
  D) 100
  Show Answer
  The correct answer is A .